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Chinese streaming platform iQiyi bagged $1.05bn on Tuesday after tapping the equity-linked bond market for a second time, pricing the deal at the issuer-friendly end of guidance. -
Moody’s has decided not to give any equity credit to the £3.44bn of mandatorily convertible bonds issued by Vodafone on March 5. That means the UK mobile phone company has not yet achieved the total equity credit it had hoped to get from its financings for its Unitymedia acquisition. Vodafone announced on Tuesday March 26 a new hybrid capital issue which will gain it some more equity credit (see separate story).
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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.
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Nasdaq-listed video streaming platform iQiyi has returned for a second time to the equity-linked market, having launched a one-day bookbuild on Tuesday for a convertible bond that could reach $1.05bn.
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China Education Group Holdings tapped the equity-linked market on Thursday, raising HK$2.35bn ($300m) from its first convertible bond.
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Standard & Poor’s will not give explicit equity credit to the £3.4bn of mandatorily convertible bonds issued by Vodafone a fortnight ago. But S&P will give some rating benefit, and the UK telecoms company is cheerful about the result. Some bankers believe other issuers will follow suit, writes Jon Hay.
